Bitcoin slides toward $62K as bear-market patterns
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- Bitcoin dropped 1.2% on the day per TradingView, hitting week-to-date lows near $62,000 after a double rejection at $64,200 put the $60,000 support back in play.
- Michaël van de Poppe said bulls need to reclaim $65,000 to 'trigger a strong run to $72-74K' and called the recent selloff to $59,100 'relatively irrational.'
- Rekt Capital flagged that BTC/USD has lost both its 50-month exponential moving average and triangle support — the same pattern observed during the 2018 and 2022 bear markets.
- Bitcoin diverged from US equities, falling while the S&P 500 and Nasdaq Composite opened up nearly 1%.
- WTI crude oil fell below $88 per barrel to its lowest level since May 29, as renewed US-Iran peace deal hopes pressured energy markets.
- Trump told a telerally for Sen. Lindsey Graham that a Iran deal 'will happen very soon,' predicting 'oil prices will come tumbling down.'
Why it matters: The $65,000 level is the make-or-break resistance for bulls — failure to reclaim it sets up another test of the $60,000 floor that has held twice this year. The divergence between Bitcoin and rising US equities (S&P 500 and Nasdaq up nearly 1%) signals crypto-specific selling pressure rather than broad risk-off sentiment, with macro tailwinds from sub-$88 WTI crude doing nothing to lift BTC.
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